The Bank of England voted to raise the standard base rate early last month in a move which will start affecting those owning a Standard Variable Rate mortgage loan. Higher interest rates will be passed along to customers from the first day of this month. Those who will be affected are those customers who are not in possession of a fixed rate mortgage loan. Borrowers not on a fixed mortgage plan will be switched over to the lender’s SVR.

Millions of home owners will be affected by the increase in interest costs unless they switch over to a lower fixed rate. According to housing experts the opportunity to obtain a lower rate mortgage deal is still out there. Experts are also urging house owners to switch to a fixed rate deal due to the overwhelming savings which are possible.

Some house owners are finding savings totaling thousands of pounds with a switch to a fixed rate deal. Lenders are in quite a competitive spirit currently as attractive fixed rate deals are available from many high profile banks and institutions.

Remortgage is still not considered extremely popular or even well-known by mainstream borrowers. It has earned considerable credibility in the last two to three years due to its ability to help home owners save money. Through the process of remortgage, it is possible to obtain a lower fixed rate and immediately save money on the cost of the monthly mortgage payment.

Another benefit to remortgage is the opportunity to turn equity into cash. This cash is typically used for catching up on old debt, starting a home renovation, or even taking a lengthy holiday. Every family financial plan can benefit from extra cash.